Re <<grumble>> <<grumble>> <<grumble>>
B&B (b*tch & m*an) is still allowed :0)
Switch off the internet might be a very good idea, but before you do, ...
Experiment in mathematics are happening all around. On your near-shore parliamentarians are concerned about math and other learnings bbc.com "Poorer white pupils let down and neglected - MPs". There might be / probably is an education issue in UK as there are all around the planet, but casting the issue in racial terms likely not a productive way to go.
Re <<Never mind the Cryptos>>
CSPR coingecko.com (@ 0.2) is together in the same basket as BTC, ETH, etc etc even as staking is earning, diluting the folks who are trading, per just mathematics.
Today is my half day at the town office and I just did dialogue w/ the CIO of the office where I camp, about gold and silver and macro
conclusion, everything is priced right and all as should be.
I might change my mind by lunch time.
Speaking of everything is priced right and I might change my mind ...
$21-discount is not large enough, but direction is correct.
bloomberg.com
Bitcoin-Proxy MicroStrategy Shows Hodler Discount in Selloff
Crystal Kim
23 June 2021, 05:13 GMT+8
The recent plunge in the price of the world’s largest cryptocurrency has taken the momentum out of MicroStrategy Inc. shares, which became a proxy for Bitcoin after CEO Michael Saylor began amassing the digital tokens last summer. And at one point Tuesday, Bitcoin’s slide to below $29,000 helped take MicroStrategy’s stock down as much as 12%. Shares closed 5% lower on Tuesday at $553.72.
For hardcore Bitcoin hodlers buying MicroStrategy purely for the cryptocurrency exposure, meant they could’ve effectively snapped up the tokens at a $21-discount.
The Tysons Corner, Virgin.-based company has become legendary for opening the backdoor to investing in Bitcoin. Since MicroStrategy’s first blush with the cryptocurrency, it has issued two sets of convertible bonds and more recently, tapped the high-yield bond market in order to buy more. Now its pile is 105,085 coins.
With 7.78 million shares outstanding that equates to 0.013 Bitcoin per share. So at a recent price of about $33,000, you’d be getting the MicroStrategy Bitcoin at $446, based on Bloomberg’s back-of-the-envelope calculation.
The calculation considered further dilution, but avoided convertibles to show what a new investor today would be getting in Bitcoin. Class B and other potentially dilutive shares are not included int the shares outstanding figure.
At today’s share price of $560, less the $135 share price before the company’s foray into Bitcoin, its stash alone -- outside MicroStrategy’s core software business -- is worth $425. Given that a new investor is getting the equivalent of $446 of Bitcoin, they are getting a $21 discount or nearly 5% off the going price of Bitcoin.
So if Bitcoin enthusiasts liked MicroStrategy shares when Bitcoin was $49,000, effectively paying a $284 per share premium for them, they should love it all the more now.
(Adds closing prices in second paragraph, adds explanation of Class B and other potentially dilutive shares exclusion in sixth paragraph)
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